Newell Brands reports declining sales at Pure Fishing
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Newell Brands reported declining sales at Pure Fishing in the last quarter of 2017.
However, the performance of other companies within its Play division – notably Coleman, Contigo, Marmot and Team Sports – helped the sector deliver net sales of $563m compared to $529m, an increase of 6.6%.
Overall Newell Brands reported group net sales of $3.7 billion, a 9.5% decline on the previous comparable quarter in 2016. This was put down to a negative impact of the sale of companies deemed non-core to the business.
“The fourth quarter results were in line with those announced earlier,” said Michael Polk, Newell Brands CEO. “The entire Board and management team recognise what needs to be done and we have taken decisive action to deliver the results and value our shareholders expect.”
In January the group announced a series of strategic initiatives to accelerate its ‘transformation plan’, including the option of selling off smaller businesses and focusing on nine core consumer divisions with approximately $11b in net sales.
For the full year, net sales increased by 11.1% to $14.7b from $13.3b. For the 2018, Newell is predicting net sales to be in the region of between $14.4b to $14.8b.